Justin Drake 推出 Beam Chain：以太坊的雄心勃勃的新计划

在以太坊开发者年度大会 Devcon（2024 年）上，以太坊领先研究员贾斯汀·德雷克 (Justin Drake) 公布了他迄今为止“最雄心勃勃的计划”：Beam Chain，这是一个新的共识层，利用零知识 (ZK) 技术来增强以太坊的基础设施。

Our weekly take on the market!

我们每周对市场的看法！

Macro Overview — Rate Cut Hopes Dampened in the Wake of Strong Economy

宏观概览——经济强劲后降息希望破灭

Recent strong economic and inflation data is reshaping the discussions among Federal Reserve policymakers regarding interest rate cuts. On Friday, investors further lowered their expectations for a rate reduction at the Fed's upcoming December 2024 meeting.

最近强劲的经济和通胀数据正在重塑美联储决策者关于降息的讨论。周五，投资者进一步降低了对美联储即将召开的 2024 年 12 月会议降息的预期。

This shift in sentiment follows a political change after Donald Trump's election, with Wall Street adjusting to the prospect of inflationary pressures from potential tax cuts, increased tariffs and immigration restrictions under the new administration. Although Fed officials have not explicitly factored these political developments into their considerations, market expectations for rate cuts have diminished over the past week.

这种情绪转变是在唐纳德·特朗普当选后发生的政治变化之后发生的，华尔街正在调整以适应新政府领导下的潜在减税、增加关税和移民限制带来的通胀压力的前景。尽管美联储官员尚未明确将这些政治事态发展纳入考虑范围，但市场对降息的预期在过去一周有所减弱。

This aligns with the Fed's strategy of maintaining a data-dependent approach to monetary policy. Despite hopes for a December rate cut, recent data on retail sales, import prices and industrial production has remained strong, leading traders to largely rule out the possibility of a rate reduction this month.

这符合美联储维持依赖数据的货币政策方针的战略。尽管人们对12月降息抱有希望，但最近的零售销售、进口价格和工业生产数据仍然强劲，导致交易商在很大程度上排除了本月降息的可能性。

However, Fed officials have indicated that a pause in rate cuts would reflect a slower approach, rather than a complete halt. Boston Fed President Susan Collins noted that while there isn't a pressing need to cut rates, December 2024 still remains a possibility. Others, including Richmond Fed President Thomas Barkin, have emphasized that any pause would indicate a slower approach, rather than a complete halt.

然而，美联储官员表示，暂停降息将反映速度较慢，而不是完全停止。波士顿联储行长苏珊·柯林斯指出，虽然没有迫切需要降息，但 2024 年 12 月仍有可能降息。包括里士满联邦储备银行行长托马斯·巴尔金在内的其他人则强调，任何暂停都将表明行动会放缓，而不是完全停止。

Recent data, including strong retail sales and rising import prices, has led traders to reduce to around 60% the likelihood of a December rate cut. Chicago Fed President Austan Goolsbee has acknowledged that inflation indicators remain high, though he maintains a general expectation for inflation to trend toward the Fed's 2% target. He suggested the Fed might cut rates by a quarter point next month, and by a full percentage point throughout the next year, in line with projections from September. Investors now anticipate rates could remain higher than previously expected, with fresh projections set to be released in December.

最近的数据，包括强劲的零售销售和不断上涨的进口价格，导致交易商将 12 月份降息的可能性降低至 60% 左右。芝加哥联邦储备银行行长奥斯坦·古尔斯比承认通胀指标仍然很高，但他仍然普遍预期通胀将趋向美联储2%的目标。他建议美联储可能在下个月降息四分之一个百分点，并在明年全年降息整整一个百分点，与 9 月份的预测一致。投资者目前预计利率可能仍高于此前预期，新的预测将于 12 月发布。

Weekly Crypto Highlight — Beam Chain: Justin Drake’s Ambitious New Plan for Ethereum

每周加密亮点 — Beam Chain：贾斯汀·德雷克 (Justin Drake) 雄心勃勃的以太坊新计划

At Devcon (2024), Ethereum’s annual conference for developers, excitement surged as Justin Drake, a leading Ethereum researcher, unveiled his "most ambitious initiative" yet: Beam Chain, a new consensus layer that utilizes zero-knowledge (ZK) technology to enhance Ethereum’s infrastructure.

在以太坊开发者年度大会 Devcon（2024 年）上，以太坊领先研究员贾斯汀·德雷克 (Justin Drake) 公布了他迄今为止“最雄心勃勃的计划”：Beam Chain，这是一个新的共识层，利用零知识 (ZK) 技术来增强以太坊的基础设施。

What Is Beam Chain?

什么是梁链？

Ethereum operates on two layers: the execution layer, which handles transactions, and the consensus layer, which handles network security. Beam Chain aims to improve the Consensus Layer with several key benefits, as follows.

以太坊在两层上运行：处理交易的执行层和处理网络安全的共识层。 Beam Chain 旨在改进共识层，具有以下几个关键优势。

Faster Confirmations: Reduces transaction confirmation times from 12 seconds to just 4 seconds.

更快的确认：将交易确认时间从 12 秒减少到仅 4 秒。

Enhanced Decentralization: Maintains or improves Ethereum’s decentralization.

增强去中心化：维持或改善以太坊的去中心化。

Reduced Bot Extraction: Eliminates certain bots that exploit users, particularly those using reorg-based miner extractable value (MEV).

减少机器人提取：消除某些利用用户的机器人，特别是那些使用基于重组的矿工可提取价值（MEV）的机器人。

Lower Staking Requirements: Decreases the minimum ETH needed to stake from 32 ETH to just 1 ETH, making staking more accessible.

降低质押要求：将质押所需的最低 ETH 从 32 ETH 减少到仅 1 ETH，使质押变得更容易。

Quantum Resistance: Future-proofs Ethereum against potential quantum computing threats.

量子抵抗：让以太坊面向未来，抵御潜在的量子计算威胁。

Criticism and Responses

批评与回应

Despite the palpable excitement, the presentation faced criticism on the below fronts.

尽管令人兴奋，但该演示文稿仍面临以下方面的批评。

Timing: Many consider the five-year timeline too slow for the fast-paced crypto market.

时机：许多人认为五年的时间表对于快节奏的加密货币市场来说太慢了。

Response: Justin Drake explained that the estimate is conservative, with potential for an earlier rollout if progress is smooth.

回应：Justin Drake 解释说，这一估计是保守的，如果进展顺利，有可能提前推出。

Priority: Concerns arose that Ethereum isn’t effectively addressing competition from faster networks such as Solana.

优先级：人们担心以太坊无法有效解决来自 Solana 等更快网络的竞争。

Context: This criticism extends beyond Drake’s talk to the Ethereum Foundation’s broader approach. While his focus is on the consensus layer, there are ongoing efforts to improve Ethereum as a whole, with plans to enhance Layer 1 fragmentation set for adoption by 2025. Upcoming features like pre-confirmations and based rollups aim to further benefit Ethereum L1 validators.

背景：这种批评超出了德雷克对以太坊基金会更广泛方法的谈话范围。虽然他的重点是共识层，但人们仍在努力改进整个以太坊，并计划在 2025 年之前增强第 1 层碎片化的采用。即将推出的功能（例如预确认和基于汇总）旨在进一步使以太坊 L1 验证者受益。

Conclusion

结论

Justin Drake’s presentation didn’t drastically shift opinions, but it did solidify bullish sentiment among Ethereum supporters, particularly regarding Layer 2 developments. Meanwhile, skeptics remain concerned about ETH's recent price performance, which has lagged behind that of Bitcoin and Solana. In the complex landscape of cryptocurrency, the Ethereum community recognizes the importance of careful, deliberate progress as they navigate substantial investments in this evolving space.

Justin Drake 的演讲并没有彻底改变观点，但确实巩固了以太坊支持者的看涨情绪，特别是在 Layer 2 开发方面。与此同时，怀疑论者仍然对 ETH 最近的价格表现感到担忧，该价格表现落后于比特币和 Solana。在加密货币的复杂格局中，以太坊社区认识到在这个不断发展的领域进行大量投资时谨慎、深思熟虑取得进展的重要性。

Bitcoin Spot ETF Flows

比特币现货 ETF 流量

Total Bitcoin Spot ETF Net Inflows. Source: CoinGlass

比特币现货 ETF 净流入总额。来源：CoinGlass

Inflows into Bitcoin Spot exchange-traded funds (ETFs) experienced a significant slowdown in the latter half of last week. This deceleration can be attributed to two main factors: profit-taking by investors, and the broader market's response to anticipated changes in monetary policy.

上周下半周，比特币现货交易所交易基金（ETF）的资金流入大幅放缓。这种减速可归因于两个主要因素：投资者的获利了结以及更广泛的市场对货币政策预期变化的反应。

As Bitcoin's price surged in recent weeks, many investors have seized the opportunity to lock in gains, leading to reduced inflows into these ETFs.

随着近几周比特币价格飙升，许多投资者抓住机会锁定收益，导致流入这些 ETF 的资金减少。

Additionally, the overall landscape for risk assets, including cryptocurrencies, has been complicated by the Federal Reserve's signals regarding interest rate cuts. Investors are now grappling with the possibility that the central bank may adopt a more

此外，美联储有关降息的信号使包括加密货币在内的风险资产的整体格局变得复杂。投资者现在正在努力应对央行可能采取更多措施的可能性。